Mexico’s Pemex to Build Major Oil Refinery – Wall Street Journal

MEXICO CITY—President Andrés Manuel López Obrador said state oil company Petróleos Mexicanos would build a oil refinery after bids by private companies came in above his government’s $8 billion budget.

The refinery, to be built in the southern state of Tabasco with capacity to process more than 300,000 barrels of crude oil a day, is one of Mr. López Obrador’s signature projects and part of his plans to raise Pemex’s production of fuels and reduce Mexico’s reliance on imports.